Ofo Shuts International Division as Staff ‘Prepare for Bankruptcy’

Staff at struggling dockless bike-sharing start-up Ofo’s international subsidiaries are “prepared for bankruptcy or acquisition” after the company shut its overseas department, the Financial Times reported. A person familiar with the company said that Beijing-headquartered Ofo’s international arm, which managed the global subsidiaries, had closed this week but employees abroad still had their jobs. The division’s closure was first reported by local Chinese media. The person said the number of bikes available in the UK had been “dramatically reduced” and staff were taking them off the street and putting them back in depots “so they’re in good order” in case the business shuts. As of Wednesday afternoon, Ofo’s mobile app was showing fewer than 10 bikes for hire across the whole of its central London coverage zone, which crosses several of the capital’s boroughs and the City of London. At its peak, there were 3,000 of the company’s bright yellow bikes in London. Ofo said: “The overseas department is going through normal business adjustments.” Read more